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I am at a top 10 firm and I am straight salary. But we do not have a bonus structure for any level.
Thanks for the info
This is 100% normal. I am not aware of any firm that pays partners 100% of target comp during the course of year. There is a always a hold back to allow for the possibility that the firm underperforms and that partners will earn less than target. 80% monthly draw is decent. Some firms slightly more and many firms less.
In many cases, yes, this applies to equity and non equity.
This payment structure makes sense to me. I would expect the % held back to be used to cover expenses that are normally paid out of a final draw such as insurance and composite state taxes. If this is the case, you may receive very little of the final 20% payment. When comparing the partner comp to non-partner comp (if you are currently a SM or director), you will want to consider the additional costs of being a partner to get an apples to apples comparison. $300k as a director can be a lot more money than $300k as a partner (unless there are retirement benefits great enough to swing it the other way). As a partner you may take on the following costs, 100% of all insurance costs, additional state taxes, self employment taxes, the 401k match historically paid by the firm, other mandatory retirement contributions. Be sure they walk you through all of these details. It can get confusing.
Partner 1 and Partner 2 said it great. This sounds similar to my experience at a top 20 firm for a non-equity partner.
New partner comp needs to be multiplied by 82-85% to get to w-2 equivalent salary.
Something similar at my firm
How much are you offered?